Starboard has the votes to force a special Darden meeting on Red Lobster spinoff
SEAFOOD.COM NEWS April 23, 2014
Darden Restaurant Inc has 60 days to call a shareholder meeting to vote on activist investor Starboard Value LP's proposal to delay the company's plan to spin off its struggling Red Lobster chain.
The special meeting has to be called as Starboard got consent from 54 percent of the shareholders.
Starboard, which owns 5.5 percent of Darden, has urged Darden to delay its plans to spin-off the chain saying it could destroy as much as $800 million of shareholder value.
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